Erdogan confirms that Turkey will pay for Russian gas in rubles | War in Ukraine

Erdogan confirms that Turkey will pay for Russian gas in rubles | War in Ukraine

The Turkish president did not specify the volume of future transactions in rubles against Russian gas.

Turkish President Recep Tayyip Erdogan has confirmed that Russian gas deliveries to Turkey will be paid for in rubles, Turkish media reported on Saturday.

A positive aspect of our visit to Sochi is our agreement with Mr. Putin on the ruble. God permitting, our ruble trade will ensure benefits for Turkey and Russia, the Turkish head of state told reporters aboard his return flight from Sochi, Russia, to the shores of the Black Sea, where he met Russian President Vladimir Putin on Friday.

The two presidents have agreed that deliveries of Russian gas to Turkey will be partially paid in rubles, Russian Deputy Prime Minister Alexander Novak announced on Friday evening.

Mr. Erdogan did not specify the volume of future transactions in rubles.

Russia has been seeking for months to impose its currency in international settlements against the euro and the dollar, amid unprecedented Western economic sanctions against Moscow over its invasion of Ukraine.

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While swiftly condemning the Russian offensive, Turkey opted for neutrality between the two countries and did not join Western sanctions against Moscow.

In 2021, Russia accounted for around a quarter of Turkey's oil imports and 45% of its natural gas purchases.

Paying for gas Russia, even partially, in rubles could allow Turkey not to further reduce its currency reserves in dollars.

According to economists, the Turkish government has spent tens of billions of dollars last year in an attempt to stop the collapse of the Turkish lira, which lost almost half of its value eur in one year.

Mr. Erdogan and Mr. Putin also pledged in Sochi to strengthen energy and economic cooperation.

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